Impact of Voltage Sag on Market Operation in Electrical Power System

In the deregulated power market, multiple players participate in the bidding process. The bids provided to the ISO must consider all uncertainty to guarantee returns in investment. This paper offers an insight into the effect of faults on the market operationality using the IEEE 14-bus system. The faults are simulated by using Monte Carlo Simulation (MCS) aided fault positioning method. A type 2 Fuzzy fault rate simulates the symmetrical and unsymmetrical faults on the power system line and buses. The power system faults are random, so the MCS technique is used to simulate the faults randomly. The circuit breaker response time (i.e., 30ms, 60ms, 80ms, 120ms, and 300 ms) is considered. Voltage sag for each bus was calculated, and based on that number, sag score (SS) and Energy Index (EI) is calculated. The post fault system dynamics are observed, and the optimal power flow (OPF) algorithm is executed to estimate the IEEE 14 bus system's operational cost. LMP score provided how the system was affected from the economic aspect. This method provides information on how the system dynamics are affected during the post-fault scenario and are the most influential parameters for changes in the system's total operational cost. This essential information will help the bidder to prepare contingency when placing bids.